Closings of new homes rose year-over-year in July in the Tampa, FL market, picking up from a drop in June 2016. New home closings saw a 3.8% climb from a year earlier to 575. This came on the heels of a 1.5% fall year-over-year in June.
A total of 7,241 new homes were sold during the 12 months that ended in July, up from 7,220 for the year that ended in June.
New home closings accounted for 8.6% of overall housing closings. This marks a rise from 6.8% of total closings a year earlier. Closings of new and existing homes slid year-over-year in July after also falling in June year-over-year.
Pricing and Mortgage Trends
In July, the average value of new homes saw a 6.1% hike year-over-year as it grew to $308,179 per unit. This gain is higher than the 2.5% hike in June year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In July 2016, the average mortgage size was $265,350, a 3.5% boost from a year earlier. In June 2016, average mortgage size on newly sold homes saw a 1.9% gain year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 82.3% of new closings in July 2015 to 85.7% of closings in July 2016. Meanwhile, attached units as a percentage of all new home closings declined to 14.3% of closings from 17.7% of closings.
There was a 15.5% fall year-over-year in the average unit size of newly sold homes to 2,302 square feet in July 2016. This decline was opposite the price hike, a pattern also seen in June 2016 when the average size of newly sold homes dropped 10.8% to 2,480 square feet. In June, the average size of new homes sold went from 2,781 square feet a year earlier to 2,480 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 23.4% of existing home closings, below 35.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 10.5% in July from 15.3% a year earlier while REO closings as a percentage of existing home closings dropped to 12.9% from 20.3% a year earlier.